On the priority of real world assets: Where do we stand?

I wanted to share a brief update on New Silver and the work involved in getting it onboarded as collateral.

Assets & Originations

New Silver is originating new loans on a weekly basis. They have slowly started to grow their pool but most loans had to be sold to traditional lenders (like yieldstreet) because of liquidity constraints. Nevertheless, investors have contributed over 500k in DAI to the pool and they’ve originated a total of 3 loans:

2021-01-18-101428_2423x1833_scrot

View on tinlake.centrifuge.io

and an overview of the different assets:

2021-01-18-101410_2438x1232_scrot

View on tinlake.centrifuge.io

Status: :green_circle: Asset Originator is ready to scale up the vault

Smart Contracts & Technical Integration

We’ve continuously iterated on the adapter specified in MIP22. The first review and official approval was made by @cmooney on the 20th of December.

Centrifuge has since made improvements to the adapter and addressed all requested changes.

There is also a spell for kovan. This spell is ready to reviewed by the Smart Contracts team and can be executed on Kovan as soon as that’s done.

Once that’s done, deploying on mainnet should be only require copy & pasting the Kovan spell but we are slated behind MIP21 right now so this might still take some time. An RPC Test shows the integration working properly.

Status: :yellow_circle: No major blockers on a technical level but a few other topics are holding up progress here.

Oracles

The RWA team & the risk team have proposed to use a fixed price provided by a DSValue for DROP identically to how USDC and other stablecoins. This solution was discussed on the governance call December 3rd. A mandatory component of the Maker Governance is the official sign-off of by the Oracles Domain Team. This was discussed in the #governance-and-risk channel on RocketChat:

We have since talked to several community members to review the proposed solution and have not found any technical issues. The Kovan spell referenced above already uses a DSValue for the price and provides all the technical work (there was no need to modify DSValue at all).

Status: :red_circle: Even though the work is minimal, until Oracles Assessment is published, NS2 is blocked from going live.

Next Steps?

New Silver first started working with Maker & the Maker Foundation in August 2019 and did a first successful pilot transaction. New Silver is on standby to start minting DAI as soon as they’re added to MCD. We are now on the home stretch to bring this live in production. I hope we can resolve these blockers soon and achieve on one the key milestones for MakerDAO: to diversify the collateral types into real world asset backed USD-stable collateral!

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I believe during last weeks G&R call @NikKunkel said he was aiming/hoping to have it done by this past Sunday–perhaps we will get the Oracles Assessment in the next 48. I’ll get my Grandma’s :prayer_beads: and put them to use :smiley:

I think eventually with the success of DeFi protocols on Ethereum, once we are post-foundation, and Nik has his Core Team establish–he can look to onboard a full-time human that can do both Oracles Assessments and RWA Assessments (something of that nature). Not sure if there is an abundance of Talent out there–but his Team can use the extra hands and the RWA view. Totally stoked about that coming into fruition. For now I will be stoked just to get 1 RWA on the balance sheet.

All in all – I must say that the Centrifuge Products are gaining traction. Every day that I lurk on their TG, all these humans are asking how to onboard themselves to the Centrifuge Platform. It’s none-stop! Word. Folks are thirsty for RWA products via the blockchain.

“Let’s get it on” –Marvin Gaye

5 Likes

Hey, Lucas.

I love to see progress on this front.

My 2 cents: maybe this type of post merits their own thread (compared to being dug in a related one).

Chico Crypto Just took RWA and Centrifuge to another level! The Centrifuge TG is on :fire: :fire: :fire: :fire: :fire: :fire:

Let’s get it Fam!

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